Shaktikanta Das reappointed as RBI Governor for three more years

The government has approved the reappointment of Shaktikanta Das as Governor of the Reserve Bank of India for a period of three years. The Appointments Committee of the Cabinet has approved the reappointment of Mr Das. The re-appointment will be effective from 10th December this year or until further orders.

RBI cautions public against KYC updation frauds

Reserve Bank of India has cautioned the people against sharing account details and personal information with unidentified persons and agencies. The RBI yesterday said, public should not share bank account login credentials, personal data and information, copies of Know-Your-Customer, KYC documents, card information, Personal Identification Number,PIN, password and One Time Password, OTP with unidentified persons or agencies.  Further, such details should not be shared through unauthorised websit...

RBI releases data on performance of private industries during first quarter of current financial year

The Reserve Bank of India yesterday released data on the performance of the private industries during the first quarter of the current financial year. Data says, sales of manufacturing companies have registered massive growth of 75 per cent which was -41.1% in the same quarter of last financial year. RBI said, all the major sectors recorded high growth during the quarter. Sales of IT companies increased by 17.5 per cent as compared to 6.4 per cent last year. To meet sales demand, companies have ...

RBI permits card-tokenisation services in a bid to make card transactions more safe

RBI asks banks to monitor availability of cash in ATMs, ensure timely replenishment to avoid cash-outs

Reserve Bank of India has asked banks to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs. It has clearly said that, From 1st October 2021, Cash-out at any ATM of more than ten hours in a month will attract a penalty of ? 10,000/- per ATM. If a customer is not able to withdraw cash due to non-availability of cash in a particular ATM will be counted as an instance of cash-out in an ATM. RBI issued notification of Scheme of Penalty for non-replenishment of AT...

RBI planning to launch Central Bank Digital Currency in near future

Reserve bank of India is planning to launch Central Bank Digital Currency (CBDC) in the near future. Deputy Governor T Rabi Shankar said, RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption. Conducting pilots in wholesale and retail segments may be a possibility in near future. He was speaking in a webinar organised by the Vidhi Centre for Legal Policy, New Delhi. High Level Inter-Ministerial Committee ...

RBI releases Consultative Document on Regulation of Microfinance

Reserve Bank of India has released a Consultative Document on Regulation of Microfinance. It has been released for harmonising the regulatory frameworks for various regulated lenders in the microfinance space. Key proposals of the documents are, common definition of microfinance loans for all regulated entities, Capping the outflow on account of repayment of loan obligations of a household to a percentage of the household income. It also recommends a Board approved policy for household income as...

RBI extends timeline for processing of recurring online transactions by 6 months

Reserve Bank of India has extended the timeline by six months for banks and other financial institutions to migrate to the new framework for processing the recurring online transactions. The financial institutions will now have time till 30th September to implement the new framework. Under the new framework, Additional Factor of authentication has been brought in for recurring auto-payments which have been pre-instructed by the consumers. To make digital payments in India safe and secure, the ba...

RBI announces special measures for annual closing of govt accounts for current financial year

Reserve Bank of India has announced special measures for annual closing of government accounts for the current financial year. A special clearing will be conducted for collection of government cheques on 31st March 2021. RBI has instructed all agency banks to keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on 31st March.   For reporting government transactions to RBI, the reporting window will be open till th...

RBI asks banks to implement image-based Cheque Truncation System in all branches by Sep 30

Reserve Bank of India has asked banks to implement the image-based Cheque Truncation System (CTS) in all branches by September 30 this year. The move is aimed at faster settlement of cheques resulting in better customer service.   Last month, the RBI had announced pan-India coverage of CTS by bringing all bank branches under the image-based clearing mechanism.   The Apex bank said that to leverage the availability of CTS and provide uniform customer experience irrespective of location of her/his...